Thank you NRIs! India retains top position in remittances with $80 billion

Agencies
December 8, 2018

Washington, Dec 8: India will retain its position as the world's top recipient of remittances this year with its diaspora sending a whopping $80 billion back home, the World Bank said in a report on Saturday.

India is followed by China ($67 billion), Mexico and the Philippines ($34 billion each) and Egypt ($26 billion), according to the global lender.

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.

The bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach $528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017.

Global remittances, which include flows to high-income countries, are projected to grow by 10.3 per cent to $689 billion, it said.

Over the last three years, India has registered a significant flow of remittances from $62.7 billion in 2016 to $65.3 billion 2017. In 2017, remittances constituted 2.7 per cent of India's GDP, it said.

The bank said remittances to South Asia are projected to increase by 13.5 per cent to $132 billion in 2018, a stronger pace than the 5.7 per cent growth seen in 2017.

The upsurge is driven by stronger economic conditions in advanced economies, particularly the US, and the increase in oil prices having a positive impact on outflows from some GCC countries such as the UAE which reported a 13 per cent growth in outflows for the first half of 2018.

Bangladesh and Pakistan both experienced strong upticks of 17.9 per cent and 6.2 per cent in 2018, respectively, the Bank said.

For 2019, it is projected that remittances growth for the region will slow to 4.3 per cent due to a moderation of growth in advanced economies, lower migration to the GCC and the benefits from the oil price spurt dissipating.

The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by four per cent to reach USD 549 billion in 2019. Global remittances are expected to grow 3.7 per cent to $715 billion in 2019.

The brief notes that the global average cost of sending $200 remains high at 6.9 per cent in the third quarter of 2018. Reducing remittance flows to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7.

Increasing the volume of remittances is also a global goal under the proposals for raising financing for the SDGs, it said.

"Even with technological advances, remittances fees remain too high, double the SDG target of 3 per cent. Opening up markets to competition and promoting the use of low-cost technologies will ease the burden on poorer customers," said Mahmoud Mohieldin, Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships at the Bank.

The average cost of remitting in South Asia was the lowest at 5.4 per cent, while Sub-Saharan Africa continued to have the highest at 9 per cent.

No solutions are yet in sight for practices that drive up costs, such as de-risking action of banks, which lead to closure of bank accounts of remittance service providers.

Another persistent factor that keeps fees high is the exclusive partnership between national post office systems and any single money transfer operator, as it allows the operator to charge higher fees to poorer customers dependent on post offices, the bank said.

"The future growth of remittances is vulnerable to lower oil prices, restrictive migration policies, and an overall moderation of economic growth.

"Remittances have a direct impact on alleviating poverty for many households, and the World Bank is well positioned to work with countries to facilitate remittance flows," said Michal Rutkowski, senior director of the social protection and jobs global practice at the World Bank.

Comments

NRI s saving Modi by not allowing GDP to fall in its worst level. Modi looting all our money for staues and Rich thieves.

Arif
 - 
Saturday, 8 Dec 2018

Proud to be a NRI. Thanks to Arab countries for saving many Indians

Hindu Rashtra …
 - 
Saturday, 8 Dec 2018

Modiji Ki Jai.. Haters wont accept Modiji's efforts. We dont care haters. He is the best PM. True dedicated humble hon. PM.

Mohan
 - 
Saturday, 8 Dec 2018

Great.. Should not show to MODI. He may cry by telling you people ignored our soldiers

Vinod
 - 
Saturday, 8 Dec 2018

Kerala economy depending NRI. They are the main contributors. Then tourism

Suresh
 - 
Saturday, 8 Dec 2018

NRIs are rocking always. They are the saviours of indian economy

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coastaldigest.com news network
May 19,2020

Bengaluru, May 19: In the wake of assurance by Chief Minister B S Yediyurappa to look into their demands, hotels and restaurants in Karnataka today decided to continue takeaway services for three more days.

Hotels were also exempted from the total lockdown on Sundays in Karnataka - under the state guidelines issued for Lockdown 4.0.

The Karnataka Pradesh Hotel and Restaurants' Association (KPHRA) had earlier threatened to stop takeaway services over refusal to allow dine-in facility in the fourth phase of the lockdown. 

B Chandrashekar Hebbar, president of KPHRA said that the CM urged hoteliers to wait for three days, assuring that a decision will be taken. 

"We appraised the government over the mounting losses by keeping just take-away services open. Noting that social distancing and other guidelines will be followed, we urged him to allow dine-in facility," he said.

The Association will wait three more days before discontinuing parcel services, Hebbar said. 

The government also provided relaxation to hotels from the total lockdown announced in Karnataka on Sundays, he said. 

A package for hotel employees such as cooks and waiters, along the lines of those announced for farmers, cab drivers and weavers, was also sought in a petition submitted to the chief minister.

In fact the state government had expressed its willingness to open hotels under the Lockdown 4.0, subject to restrictions. However, the central guidelines do not allow dine-in services.

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News Network
April 20,2020

Thiruvananthapuram, Apr 20: The Kerala government announced the relaxation of COVID-19 lockdown restrictions in two zones, allowing among other private vehicles movement in an odd-even basis and dine-in services at hotels from Monday.

State police chief Loknath Behera said the relaxations of restrictions imposed would come into effect in the Green and Orange-B zones in the state from Monday,an official release said.

Earlier, the Left government had colour-coded 14 districts of the state into four zones-- Red, Green, Orange-A and Orange-B, for containing the Covid-19 pandemic. Red zone comprises Kasaragod, Kannur, Kozhikode and Malappuram districts. In this zone, a complete lockdown will be in place until May 3 while two entry and exit points are allowed for carrying essential commodities to coronavirus hotspots. Orange-A zone comprises Pathanamthitta, Ernakulam and Kollam while orange-B zone comprises Alappuzha, Thiruvananthapuram, Palakkad, Thrissur and Wayanad.

The lockdown will be in effect until April 24 in this zone and then partial relaxation will be allowed. Kottayam and Idukki come under the Green zone, in which lockdown will be in effect until April 20 and then regulations will be eased. However, large gatherings, the functioning of educational institutions, religious functions, celebrations and travel outside the district will not be allowed in this zone.

Not more than 20 people are allowed to take part in weddings and funerals, according to government instructions. On the functioning of courts, the release said, "Courts in the Green and Orange-B zones will re-open on April 21 while that in Orange-A zone will start functioning from April 25. The courts will function with 33 per cent of staff. The cases will be heard via video conferencing."

Meanwhile, the Bankers' Council has announced that banks will function as per the usual timings from Monday in the state except four districts falling under the Red zone. The Transport Ministry has clarifiedthat public transport won't be allowed to ply in the state during the lockdown period. "Inter-district travel will not be allowed despite relaxations in the state, but essential services such as medical services, food supplies will not be stopped. However, in case of emergency, inter-district travel will be allowed with an affidavit prepared by the traveller," Behra said in a release.

On the implementation of the odd-even scheme for private vehicles, the police said, "Vehicles with odd numbers will be permitted on Mondays, Wednesdays and Fridays. Those with even numbers will be allowed on Tuesdays, Thursdays and Saturdays." Woman drivers travelling solo or with dependants are also exempted from it, police said. On Sundays, only those working for essential services are allowed to use their vehicles.

All education institutions, cinema halls, shopping malls, public parks, bars, places of worship will remain closed in all zones of the state. The health department and local administration, which carry out sanitation work before the monsoon, are allowed to operate. Four-wheelers are permitted to carry two passengers besides the driver and in case of a two-wheeler, only the driver will be allowed while the pillion rider is allowed in case the person is a family member.

On Dine-in services, a government order said it is allowed at hotels and restaurants until 7 PM in Green and Orange-B zone from Monday and in Orange-A zone from April 24. However, take-away counters can function until 8 PM, it said. Kerala on Sunday reported two positive cases of Covid-19 in the state taking the total number of affected to 401 while the health department announced that 13 people were cured.

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News Network
August 5,2020

Bengaluru, Aug 5: The Janata Dal (Secular) will contest all the 243 assembly seats in Bihar, the elections for which are due in October-November this year, its state unit chief Haldhar Kant Mishra announced on Tuesday.

Mishra said party supremo Deve Gowda has asked him to expand JD(S)'s base and also to prepare itself for contesting all the constituencies in view of the zeal and enthusiasm shown by party workers and office-bearers.

Deve Gowda announced the decision during a virtual meeting with presidents of party's various cells and office- bearers, he said.

He assured that the party will provide all kinds of support for its expansion and selection of candidates for the Bihar polls, Mishra said.

The former prime minister told the party functionaries that several leaders from Bihar are in touch with him and they will join the JD(S) to play their part in the elections, he added.

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